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Xbox 720 Release Date: Next Xbox Coming in 2013?; Development of PS4 Games Starting?

Several rumors have now surfaced regarding Sony's PlayStation 4 and Microsoft's next Xbox video game console.

Sony is reportedly beginning its preliminary work on PlayStation 4 games with several internal video game studios.

This news comes from video game news site, Develop.

A trusted source let it spill to Develop that various game projects are at the very early stages of development. The source however didn’t reveal which of Sony’s sixteen first-party studios had been delegated the work.

Some of Sony's internal development studios include Naughty Dog, Sony Santa Monica, Guerrilla Games and Sucker Punch Studios.

But in May, Sony's chief financial officer Masaru Kato explained to investors that "future platform" development work has caused a spike in R&D costs. This may signal the development of the PlayStation 4.

Several game business insiders don't expect a new PlayStation to launch before 2014, though. No official word on the matter has come from Sony as of yet.

Some feel that Sony's full attention is currently towards the PlayStation 3, PlayStation Vita, PlayStation Move controller and its upcoming 3D televisions.

As for Microsoft, Develop reported that the company and its industry associates are working towards a 2013 launch of the next generation Xbox.

There are even reports floating around that point to an EA studio already having rudimentary Xbox console technology on desks. EA has denied this claim.

Several sources have noted that they expect the console to make its grand debut at E3 2013, months before its official release. These rumors point to a 2013 launch for the system across all main regions, though early 2014 remains a possibility.

Some analysts predict that the next XBox video game console won't be in stores before the holiday side of 2013. Microsoft's main focus is said to be on its Xbox 360, Kinect motion sensor and Windows Phone.